Canadian Underwriter

Done deal for U.S. terrorism insurance

October 17, 2002   by Canadian Underwriter

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The Associated Press is reporting that a compromise bill has been reached today to provide a government-backed terrorism insurance solution in the U.S.
The story quotes Senator Christopher Dodd as saying that there is an agreement but that agreement will need to be passed through the legislature. “I think that’s going to happen,” Dodd tells AP.
Details of the compromise, and specifically how it tackles disagreement over tort reform and insurer responsibility to pay the government back for any terrorism losses, have not been released. A formal statement is expected to be released soon and it is believed that the committee who authored the bill will push for its passage before the House adjourns for the year.
The House had targeted mid-October to recess, but is still in session at this point. However, many members have left Washington to hit the campaign trail.

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